Henry Schein (Nasdaq:HSIC) announced today that it signed a definitive agreement to acquire Condor Dental Research Company.
Vouvry, Switzerland-based Condor Dental, a privately held dental distribution company, serves dental general practitioners, specialists and laboratories.
Melville, New York-based Henry Schein has served the Swiss dental implant market through Camlog Biotechnologies GmbH, a member of the Global Oral Reconstruction Group (a Basel, Switzerland-based division of the company). The company said in a news release that adding Condor Dental will expand its entry into the Swiss market for dental distribution.
Condor Dental brought in sales of approximately $18 million in 2021, with the majority coming from dental consumable merchandise. The company will join Henry Schein’s international distribution group once the transaction closes and the business will continue to operate under COO Yves Mailliard’s lead.
“We look forward to welcoming the Condor Dental team to the Henry Schein family,” Chair and CEO Stanley M. Bergman said in the release. “Our companies share the same values and emphasis on delivering an exceptional customer experience. Condor offers a comprehensive product portfolio and has multiple opportunities for growth in one of Europe’s most attractive dental markets. This transaction is a prime example of Henry Schein’s long-standing commitment to strategic acquisitions that allow us to better serve customers and broaden our wide selection of products and services that support the delivery of high-quality dental care.”
The company will acquire Condor from MCCB Holding Sarl. Henry Schein expects the transaction to be neutral to its 2022 diluted earnings per share and accretive thereafter. Financial terms were not revealed.
“Condor Dental is a highly regarded company that has been serving dental professionals for more than 40 years and will nicely complement our European dental business,” Henry Schein International Distribution Group President Andrea Albertini said. “With the support of Henry Schein’s operational expertise, Condor Dental will be better resourced to strengthen its position in the marketplace and improve the level of services and solutions offered to dental practitioners. For Henry Schein, we will have a significant opportunity through this new partnership to expand our presence into Switzerland and to bring our comprehensive portfolio of technology and value-added solutions to the Swiss dental community.”